Lawrence Kudlow, one year ago today: "[T]here are always worries. Now it's subprime coming back. Is there going to be a contagion meltdown? I don't believe that for a minute."
Three weeks later, he wrote: "Simply put, this is the greatest global stock market boom in history...Despite the persistent doom and gloom refrain from various sourpuss prognosticators, it remains the greatest story never told. And it's not over yet."
And a month after that he was begging the Fed to intervene.
Being wrong on Iraq was a good career move for a lot of people.
Being wrong on the economy doesn't seem to hurt, either.
Failure to rely on outcome-based medicine is costing us tens of billions annually. Failure to rely on outcome-based govt., finance and punditry also carries costs.
Posted by: Lex | Jun 26, 2008 at 09:46 AM
My favorite Kudlowism was a post at the Corner where he blamed a down stock market day on an Obama primary win - on a day when oil was hitting new highs and the Fed lowered GDP growth expectations. Yeah - it was ALL about Obama.
Posted by: Tiparillo | Jun 26, 2008 at 11:27 AM
"Being wrong on the economy doesn't seem to hurt, either."
And having a history as a slobbering, $1,000-a-day coke addict apparently doesn't do your career prospects much harm either -- at least, not on CNBC.
Posted by: Peter Principle | Jun 26, 2008 at 12:40 PM